Steelcase (SCS) 10-Q 23 Jun 16 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	May 27, 2016	Jun. 20, 2016
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 27, 2016
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017
Trading Symbol	SCS
Entity Registrant Name	STEELCASE INC
Entity Central Index Key	1,050,825
Current Fiscal Year End Date	--02-24
Entity Filer Category	Large Accelerated Filer
Common Class A [Member]
Entity Common Stock, Shares Outstanding		87,653,499
Common Class B [Member]
Entity Common Stock, Shares Outstanding		31,536,154

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($) $ in Millions	3 Months Ended
	May 27, 2016	May 29, 2015
Revenue	$ 718.8	$ 705.5
Cost of sales	484.8	485
Restructuring costs	4.6	1.9
Gross profit	229.8	216.6
Operating expenses	196.1	185.1
Operating income	33.3	33.5
Interest expense	(4.2)	(4.4)
Investment income	0.5	0.4
Other income, net	2.1	2
Income before income tax expense	31.7	31.5
Income tax expense	12.3	11.5
Net income	$ 19.4	$ 20
Earnings per share
Basic	$ 0.16	$ 0.16
Diluted	0.16	0.16
Dividends declared and paid per common share	$ 0.1200	$ 0.1125
Cost of Sales [Member]
Restructuring costs	$ 4.2	$ 3.9
Operating Expense [Member]
Restructuring costs	$ 0.4	$ (2)

Condensed Consolidated Stateme3

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	May 27, 2016	May 29, 2015
Net income	$ 19.4	$ 20
Unrealized gain (loss) on investments	(0.1)	0
Pension and other post-retirement liability adjustments	(1.9)	(1.1)
Foreign currency translation adjustments	4.4	(3.6)
Total other comprehensive loss, net	2.4	(4.7)
Comprehensive income	$ 21.8	$ 15.3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	May 27, 2016	Feb. 26, 2016
ASSETS
Cash and cash equivalents	$ 133.4	$ 181.9
Short-term investments	18.4	84.1
Accounts receivable, net of allowances of $12.0 and $11.7	327.2	322.7
Inventories	156.9	159.4
Prepaid expense	19.5	19.6
Other current assets	64.5	56.2
Total current assets	719.9	823.9
Property, plant and equipment, net of accumulated depreciation of $948.2 and $936.8	412.6	411.6
Company-owned life insurance	163.3	160.4
Deferred income taxes	180.4	211.6
Goodwill	106.8	106.4
Other intangible assets, net of accumulated amortization of $43.1 and $42.7	13.5	13.7
Investments in unconsolidated affiliates	52	51
Other assets	27.4	30
Total assets	1,675.9	1,808.6
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	205.1	209.6
Short-term borrowings and current maturities of long-term debt	2.9	2.5
Accrued expenses:
Employee compensation	72.3	169.9
Employee benefit plan obligations	20.4	36.5
Customer deposits	14.6	18.6
Product warranties	24.8	20.5
Other	95.4	99.9
Total current liabilities	435.5	557.5
Long-term liabilities:
Long-term debt less current maturities	296.3	296.6
Employee benefit plan obligations	139.3	142.5
Other long-term liabilities	70.3	75.1
Total long-term liabilities	505.9	514.2
Total liabilities	941.4	1,071.7
Shareholders' equity:
Common stock	0	0
Additional paid-in capital	0	0
Accumulated other comprehensive loss	(37.2)	(39.6)
Retained earnings	771.7	776.5
Total shareholders' equity	734.5	736.9
Total liabilities and shareholders' equity	$ 1,675.9	$ 1,808.6

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	May 27, 2016	Feb. 26, 2016
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 12	$ 11.7
Property, plant and equipment, accumulated depreciation	948.2	936.8
Other intangible assets, accumulated amortization	$ 43.1	$ 42.7

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	May 27, 2016	May 29, 2015
OPERATING ACTIVITIES
Net income	$ 19.4	$ 20
Depreciation and amortization	15.1	16.2
Deferred income taxes	33.6	24.8
Non-cash stock compensation	9.1	8.8
Equity in income of unconsolidated affiliates	(2.5)	(3.3)
Dividends received from unconsolidated affiliates	1.6	3.2
Other	(3.4)	(4.3)
Changes in operating assets and liabilities net of acquisitions:
Accounts receivable	(1.2)	(5.6)
Inventories	3.3	(15.2)
Assets related to derivative instruments	0.2	22.5
VAT recoverable	(14.4)	(0.4)
Other assets	(23.1)	(32.5)
Accounts payable	(5.4)	7.7
Employee compensation liabilities	(103.4)	(77.3)
Employee benefit obligations	(21.5)	(17.2)
Accrued expenses and other liabilities	(1.9)	16
Net cash provided by operating activities	(65.7)	(35.8)
INVESTING ACTIVITIES
Capital expenditures	(14.3)	(24.2)
Proceeds from disposal of fixed assets	0.3	4.1
Purchases of short-term investments	(6)	(6.9)
Liquidations of short-term investments	71.8	29.7
Acquisitions, net of cash acquired	0	(6.6)
Other	1.1	0.1
Net cash used in investing activities	52.9	(3.8)
FINANCING ACTIVITIES
Dividends paid	(15.2)	(15.1)
Common stock repurchases	(20.9)	(11.5)
Excess tax benefit from vesting of stock awards	(0.3)	1.5
Repayments of long-term debt	0	(0.5)
Net cash used in financing activities	(36.4)	(25.6)
Effect of exchange rate changes on cash and cash equivalents	0.7	(0.8)
Net decrease in cash and cash equivalents	(48.5)	(66)
Cash and cash equivalents, beginning of period	181.9	176.5
Cash and cash equivalents, end of period	$ 133.4	$ 110.5

Basis Of Presentation

Basis Of Presentation	3 Months Ended
	May 27, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis Of Presentation	BASIS OF PRESENTATION The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended February 26, 2016 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 26, 2016 was derived from the audited Consolidated Balance Sheet included in our Form 10-K. As used in this Quarterly Report on Form 10-Q (“Report”), unless otherwise expressly stated or the context otherwise requires, all references to “Steelcase,” “we,” “our,” “Company” and similar references are to Steelcase Inc. and its subsidiaries in which a controlling interest is maintained. Unless the context otherwise indicates, reference to a year relates to the fiscal year, ended in February of the year indicated, rather than a calendar year. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated.

New Accounting Standards

New Accounting Standards	3 Months Ended
	May 27, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Standards	NEW ACCOUNTING STANDARDS In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326) , which replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more useful information about expected credit losses. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted for the fiscal years, and interim periods within those fiscals years, beginning December 15, 2018. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) , which is part of the FASB's Simplification Initiative. The updated guidance simplifies the accounting for share-based payment transactions. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which establishes a new lease accounting model for lessees. The updated guidance requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) , which updates the recognition and measurement of financial assets and financial liabilities. The updated guidance changes the accounting and disclosure of equity investments (except those that are consolidated or accounted for under the equity method). The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements. In May 2014, the FASB issued a new standard on revenue recognition. The new standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is designed to create greater comparability for financial statement users across industries and jurisdictions and also requires enhanced disclosures. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted for fiscal years beginning after December 15, 2016. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements.

Earnings Per Share

Earnings Per Share	3 Months Ended
	May 27, 2016
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Earnings per share is computed using the two-class method. The two-class method determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Participating securities represent restricted stock units in which the participants have non-forfeitable rights to dividend equivalents during the performance period. Diluted earnings per share includes the effects of certain performance units in which the participants have forfeitable rights to dividend equivalents during the performance period. Three Months Ended Computation of Earnings per Share May 27, May 29, Net income $ 19.4 $ 20.0 Adjustment for earnings attributable to participating securities (0.4 ) (0.4 ) Net income used in calculating earnings per share $ 19.0 $ 19.6 Weighted-average common shares outstanding including participating securities (in millions) 121.7 124.4 Adjustment for participating securities (in millions) (2.1 ) (2.4 ) Shares used in calculating basic earnings per share (in millions) 119.6 122.0 Effect of dilutive stock-based compensation (in millions) 0.5 0.9 Shares used in calculating diluted earnings per share (in millions) 120.1 122.9 Earnings per share: Basic $ 0.16 $ 0.16 Diluted $ 0.16 $ 0.16 Total common shares outstanding at period end (in millions) 119.2 122.2 Anti-dilutive performance units excluded from computation of diluted earnings per share (in millions) 0.3 0.1

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	May 27, 2016
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended May 27, 2016 : Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Foreign currency translation adjustments Total Balance as of February 26, 2016 $ 0.6 $ 10.7 $ (50.9 ) $ (39.6 ) Other comprehensive income (loss) before reclassifications (0.1 ) (0.6 ) 4.4 3.7 Amounts reclassified from accumulated other comprehensive income (loss) — (1.3 ) — (1.3 ) Net current period other comprehensive income (loss) (0.1 ) (1.9 ) 4.4 2.4 Balance as of May 27, 2016 $ 0.5 $ 8.8 $ (46.5 ) $ (37.2 ) The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three months ended May 27, 2016 and May 29, 2015 : Detail of Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line in the Condensed Consolidated Statements of Income Three Months Ended May 27, May 29, Amortization of pension and other post-retirement liability adjustments Actuarial losses (gains) (0.1 ) 0.1 Cost of sales Actuarial losses (gains) — 0.2 Operating expenses Prior service cost (credit) (1.0 ) (1.1 ) Cost of sales Prior service cost (credit) (1.2 ) (1.2 ) Operating expenses 1.0 0.8 Income tax expense Total reclassifications $ (1.3 ) $ (1.2 ) Net income

Fair Value

Fair Value	3 Months Ended
	May 27, 2016
Fair Value [Abstract]
Fair Value	FAIR VALUE The carrying amounts for many of our financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts and notes payable, short-term borrowings and certain other liabilities, approximate their fair value due to their relatively short maturities. Our short-term investments, foreign exchange forward contracts and long-term investments are measured at fair value on the Condensed Consolidated Balance Sheets. Our total debt is carried at cost and was $299.2 and $299.1 as of May 27, 2016 and February 26, 2016 , respectively. The fair value of our total debt is measured using a discounted cash flow analysis based on current market interest rates for similar types of instruments and was approximately $334 and $326 as of May 27, 2016 and February 26, 2016 , respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements. We periodically use derivative financial instruments to manage exposures to movements in foreign exchange rates and interest rates. The use of these financial instruments modifies the exposure of these risks with the intention to reduce our risk of short-term volatility. We do not use derivatives for speculative or trading purposes. Assets and liabilities measured at fair value in our Consolidated Balance Sheets as of May 27, 2016 and February 26, 2016 are summarized below: May 27, 2016 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 133.4 $ — $ — $ 133.4 Restricted cash 2.5 — — 2.5 Managed investment portfolio and other investments Corporate debt securities — 6.6 — 6.6 U.S. agency debt securities — 5.3 — 5.3 Asset backed securities — 4.4 — 4.4 U.S. government debt securities 1.8 — — 1.8 Municipal debt securities — 0.3 — 0.3 Foreign exchange forward contracts — 1.6 — 1.6 Auction rate securities — — 4.2 4.2 Canadian asset-backed commercial paper restructuring notes — 3.2 — 3.2 $ 137.7 $ 21.4 $ 4.2 $ 163.3 Liabilities Foreign exchange forward contracts — (2.4 ) — (2.4 ) $ — $ (2.4 ) $ — $ (2.4 ) February 26, 2016 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 181.9 $ — $ — $ 181.9 Restricted cash 2.5 — — 2.5 Managed investment portfolio and other investments Corporate debt securities — 31.7 — 31.7 U.S. agency debt securities — 34.7 — 34.7 Asset backed securities — 9.2 — 9.2 U.S. government debt securities 8.2 — — 8.2 Municipal debt securities — 0.3 — 0.3 Foreign exchange forward contracts — 1.8 — 1.8 Auction rate securities — — 4.4 4.4 Canadian asset-backed commercial paper restructuring notes — 3.1 — 3.1 $ 192.6 $ 80.8 $ 4.4 $ 277.8 Liabilities Foreign exchange forward contracts $ — $ (3.3 ) $ — $ (3.3 ) $ — $ (3.3 ) $ — $ (3.3 ) Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the three months ended May 27, 2016 : Roll-Forward of Fair Value Using Level 3 Inputs Auction Rate Securities Balance as of February 26, 2016 $ 4.4 Unrealized loss on investments (0.2 ) Balance as of May 27, 2016 $ 4.2

Inventories

Inventories	3 Months Ended
	May 27, 2016
Inventories [Abstract]
Inventories	INVENTORIES Inventories May 27, February 26, Raw materials and work-in-process $ 80.0 $ 80.4 Finished goods 94.8 96.9 174.8 177.3 Revaluation to LIFO 17.9 17.9 $ 156.9 $ 159.4 The portion of inventories determined by the LIFO method was $66.7 and $76.3 as of May 27, 2016 and February 26, 2016 , respectively.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	May 27, 2016
Share-based Compensation [Abstract]
Share-Based Compensation	SHARE-BASED COMPENSATION Performance Units In Q1 2017, we awarded 189,800 performance units ("PSUs") to our executive officers. The PSUs awarded are earned after a three-year performance period, from 2017 through 2019, based on achievement of certain total shareholder return results relative to a comparison group of companies, which is a market condition, and, if earned, will be issued in the form of shares of Class A Common Stock. The number of shares that may be earned can range from 0% to 200% of the target amount; therefore, the maximum number of shares that can be issued under these awards is 379,600 . These PSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the performance period. We used the Monte Carlo simulation model to calculate the fair value of these PSUs on the date of grant. The model resulted in a weighted average grant date fair value of $16.33 per unit for these PSUs, compared to $24.15 and $23.25 per unit for similar PSUs granted in 2016 and 2015, respectively. The weighted average grant date fair values were determined using the following assumptions: 2017 Awards 2016 Awards 2015 Awards Three-year risk-free interest rate (1) 0.9 % 0.8 % 0.7 % Expected term 3 years 3 years 3 years Estimated volatility (2) 31.2 % 29.4 % 42.2 % _______________________________________ (1) Based on the U.S. government bond benchmark on the grant date. (2) Represents the historical price volatility of the Company’s common stock for the three-year period preceding the grant date. The total PSU expense and associated tax benefit for all outstanding awards for the three months ended May 27, 2016 and May 29, 2015 are as follows: Three Months Ended Performance Units May 27, May 29, Expense $ 2.2 $ 2.5 Tax benefit 0.8 0.9 As of May 27, 2016 , there was $8.4 of remaining unrecognized compensation cost related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.9 years. The PSU activity for the three months ended May 27, 2016 is as follows: Maximum Number of Shares That May Be Issued Under Nonvested Units Total Weighted-Average Grant Date Fair Value per Unit Nonvested as of February 26, 2016 1,147,844 $ 20.66 Granted 379,600 16.33 Nonvested as of May 27, 2016 1,527,444 $ 19.59 Restricted Stock Units In Q1 2017, we awarded 832,663 restricted stock units ("RSUs"), of which 168,200 were awarded to our executive officers. These RSUs have restrictions on transfer which lapse three years after the date of grant, at which time the units will be issued as unrestricted shares of Class A Common Stock. RSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the requisite service period based on the value of the underlying shares on the date of grant. The RSU expense and associated tax benefit for all outstanding awards for the three months ended May 27, 2016 and May 29, 2015 are as follows: Three Months Ended Restricted Stock Units May 27, May 29, Expense $ 6.7 $ 6.1 Tax benefit 2.4 2.2 As of May 27, 2016 , there was $14.2 of remaining unrecognized compensation cost related to nonvested RSUs, which is expected to be recognized over a weighted-average period of 2.1 years. The RSU activity for the three months ended May 27, 2016 is as follows: Nonvested Units Total Weighted-Average Grant Date Fair Value per Unit Nonvested as of February 26, 2016 1,638,888 $ 18.45 Granted 832,663 14.80 Vested (1,250 ) 18.32 Forfeited (19,792 ) 17.16 Nonvested as of May 27, 2016 2,450,509 $ 16.56

Reportable Segments

Reportable Segments	3 Months Ended
	May 27, 2016
Reportable Segments [Abstract]
Reportable Segments	REPORTABLE SEGMENTS Our reportable segments consist of the Americas segment, the EMEA segment and the Other category. Unallocated corporate costs are reported as Corporate. The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a portfolio of integrated architecture, furniture and technology products marketed to corporate, government, healthcare, education and retail customers through the Steelcase, Coalesse and Turnstone brands. The EMEA segment serves customers in Europe, the Middle East and Africa primarily under the Steelcase and Coalesse brands, with an emphasis on freestanding furniture systems, storage and seating solutions. The Other category includes Asia Pacific, Designtex and PolyVision. Asia Pacific serves customers in Asia and Australia primarily under the Steelcase brand with an emphasis on freestanding furniture systems, storage and seating solutions. Designtex designs and sells surface materials including textiles and wall coverings which are specified by architects and designers directly to end-use customers primarily in North America. PolyVision manufactures ceramic steel surfaces for use in multiple applications, but primarily for sale to third-party fabricators and distributors to create static whiteboards and chalkboards sold in the primary and secondary education markets globally. Corporate costs include unallocated portions of shared service functions, such as information technology, corporate facilities, finance, human resources, research, legal and executive, plus deferred compensation expense and income or losses associated with COLI. Corporate assets consist primarily of unallocated cash and investment balances and the cash surrender value of COLI. Revenue and operating income (loss) for the three months ended May 27, 2016 and May 29, 2015 and total assets as of May 27, 2016 and February 26, 2016 by segment are presented below: Three Months Ended Reportable Segment Statement of Operations Data May 27, May 29, Revenue Americas $ 520.4 $ 519.7 EMEA 125.3 119.9 Other 73.1 65.9 $ 718.8 $ 705.5 Operating income (loss) Americas $ 46.6 $ 54.1 EMEA (6.2 ) (13.5 ) Other 2.2 0.9 Corporate (9.3 ) (8.0 ) $ 33.3 $ 33.5 Reportable Segment Balance Sheet Data May 27, February 26, Total assets Americas $ 982.8 $ 981.1 EMEA 304.1 332.6 Other 182.0 179.9 Corporate 207.0 315.0 $ 1,675.9 $ 1,808.6

Restructuring Activities

Restructuring Activities	3 Months Ended
	May 27, 2016
Restructuring Activities [Abstract]
Restructuring Activities	RESTRUCTURING ACTIVITIES In Q1 2016, we announced restructuring actions in EMEA related to the establishment of a Learning + Innovation Center in Munich, Germany. In Q2 2016, we completed negotiations with the works councils related to these actions. We expect to incur approximately $11 of restructuring costs in connection with this project, including approximately $4 of costs associated with employee and equipment moves, retention compensation and consulting costs and approximately $7 of employee separation costs. We incurred $0.3 of employee separation costs in the EMEA segment in connection with these actions during the three months ended May 27, 2016 . We incurred $6.7 of employee separation costs and $1.9 of business exit and other related costs in the EMEA segment in connection with these actions during 2016. In Q1 2015, we announced restructuring actions in the Americas to close a manufacturing facility in High Point, North Carolina. In connection with these actions, we incurred a total of $4.2 of business exit and other related costs in the Americas segment, including $2.6 during the three months ended May 27, 2016 . We also incurred $3.1 of employee termination costs in the Americas segment which were recorded prior to 2017. These restructuring actions are substantially complete. In Q3 2014, we announced restructuring actions in EMEA to close a manufacturing facility in Durlangen, Germany, and to establish a new manufacturing location in Stribro, Czech Republic. In connection with this project, we incurred a total of $8.8 related to business exit and other related costs in the EMEA segment, including $1.6 during the three months ended May 27, 2016 . We also incurred $17.5 of employee termination costs which were recorded prior to 2017. These restructuring actions are substantially complete. Restructuring costs (benefits) are summarized in the following table: Three Months Ended Restructuring Costs (Benefits) May 27, May 29, Cost of sales Americas $ 2.6 $ 0.8 EMEA 1.6 3.1 Other — — 4.2 3.9 Operating expenses Americas — (2.8 ) EMEA 0.4 0.8 Other — — 0.4 (2.0 ) Total $ 4.6 $ 1.9 Below is a summary of the net additions, payments and adjustments to the restructuring reserve balance for the three months ended May 27, 2016 : Restructuring Reserve Employee Termination Costs Business Exits and Related Costs Total Reserve balance as of February 26, 2016 $ 10.0 $ 0.8 $ 10.8 Additions 0.4 4.2 4.6 Payments (1.1 ) (2.7 ) (3.8 ) Adjustments (0.2 ) — (0.2 ) Reserve balance as of May 27, 2016 $ 9.1 $ 2.3 $ 11.4 The employee termination costs reserve balance as of May 27, 2016 primarily relates to restructuring actions in EMEA.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	May 27, 2016
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	Three Months Ended Computation of Earnings per Share May 27, May 29, Net income $ 19.4 $ 20.0 Adjustment for earnings attributable to participating securities (0.4 ) (0.4 ) Net income used in calculating earnings per share $ 19.0 $ 19.6 Weighted-average common shares outstanding including participating securities (in millions) 121.7 124.4 Adjustment for participating securities (in millions) (2.1 ) (2.4 ) Shares used in calculating basic earnings per share (in millions) 119.6 122.0 Effect of dilutive stock-based compensation (in millions) 0.5 0.9 Shares used in calculating diluted earnings per share (in millions) 120.1 122.9 Earnings per share: Basic $ 0.16 $ 0.16 Diluted $ 0.16 $ 0.16 Total common shares outstanding at period end (in millions) 119.2 122.2 Anti-dilutive performance units excluded from computation of diluted earnings per share (in millions) 0.3 0.1

Accumulated Other Comprehensi17

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	May 27, 2016
Accumulated Other Comprehensive Income (Loss) [Abstract]
Changes in Accumulated Balance of Other Comprehensive Income (Loss)	The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended May 27, 2016 : Unrealized gain (loss) on investments Pension and other post-retirement liability adjustments Foreign currency translation adjustments Total Balance as of February 26, 2016 $ 0.6 $ 10.7 $ (50.9 ) $ (39.6 ) Other comprehensive income (loss) before reclassifications (0.1 ) (0.6 ) 4.4 3.7 Amounts reclassified from accumulated other comprehensive income (loss) — (1.3 ) — (1.3 ) Net current period other comprehensive income (loss) (0.1 ) (1.9 ) 4.4 2.4 Balance as of May 27, 2016 $ 0.5 $ 8.8 $ (46.5 ) $ (37.2 )
Reclassification out of Accumulated Other Comprehensive Income	The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three months ended May 27, 2016 and May 29, 2015 : Detail of Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line in the Condensed Consolidated Statements of Income Three Months Ended May 27, May 29, Amortization of pension and other post-retirement liability adjustments Actuarial losses (gains) (0.1 ) 0.1 Cost of sales Actuarial losses (gains) — 0.2 Operating expenses Prior service cost (credit) (1.0 ) (1.1 ) Cost of sales Prior service cost (credit) (1.2 ) (1.2 ) Operating expenses 1.0 0.8 Income tax expense Total reclassifications $ (1.3 ) $ (1.2 ) Net income

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	May 27, 2016
Fair Value [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis	Assets and liabilities measured at fair value in our Consolidated Balance Sheets as of May 27, 2016 and February 26, 2016 are summarized below: May 27, 2016 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 133.4 $ — $ — $ 133.4 Restricted cash 2.5 — — 2.5 Managed investment portfolio and other investments Corporate debt securities — 6.6 — 6.6 U.S. agency debt securities — 5.3 — 5.3 Asset backed securities — 4.4 — 4.4 U.S. government debt securities 1.8 — — 1.8 Municipal debt securities — 0.3 — 0.3 Foreign exchange forward contracts — 1.6 — 1.6 Auction rate securities — — 4.2 4.2 Canadian asset-backed commercial paper restructuring notes — 3.2 — 3.2 $ 137.7 $ 21.4 $ 4.2 $ 163.3 Liabilities Foreign exchange forward contracts — (2.4 ) — (2.4 ) $ — $ (2.4 ) $ — $ (2.4 ) February 26, 2016 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 181.9 $ — $ — $ 181.9 Restricted cash 2.5 — — 2.5 Managed investment portfolio and other investments Corporate debt securities — 31.7 — 31.7 U.S. agency debt securities — 34.7 — 34.7 Asset backed securities — 9.2 — 9.2 U.S. government debt securities 8.2 — — 8.2 Municipal debt securities — 0.3 — 0.3 Foreign exchange forward contracts — 1.8 — 1.8 Auction rate securities — — 4.4 4.4 Canadian asset-backed commercial paper restructuring notes — 3.1 — 3.1 $ 192.6 $ 80.8 $ 4.4 $ 277.8 Liabilities Foreign exchange forward contracts $ — $ (3.3 ) $ — $ (3.3 ) $ — $ (3.3 ) $ — $ (3.3 )
Rollforward of Assets with Unobservable Inputs Measured at Fair Value on Recurring Basis	Below is a roll-forward of assets and liabilities measured at fair value using Level 3 inputs for the three months ended May 27, 2016 : Roll-Forward of Fair Value Using Level 3 Inputs Auction Rate Securities Balance as of February 26, 2016 $ 4.4 Unrealized loss on investments (0.2 ) Balance as of May 27, 2016 $ 4.2

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	May 27, 2016
Inventories [Abstract]
Schedule of Inventory	Inventories May 27, February 26, Raw materials and work-in-process $ 80.0 $ 80.4 Finished goods 94.8 96.9 174.8 177.3 Revaluation to LIFO 17.9 17.9 $ 156.9 $ 159.4

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	May 27, 2016
Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Valuation Assumptions for Performance Unit Awards	The weighted average grant date fair values were determined using the following assumptions: 2017 Awards 2016 Awards 2015 Awards Three-year risk-free interest rate (1) 0.9 % 0.8 % 0.7 % Expected term 3 years 3 years 3 years Estimated volatility (2) 31.2 % 29.4 % 42.2 % _______________________________________ (1) Based on the U.S. government bond benchmark on the grant date. (2) Represents the historical price volatility of the Company’s common stock for the three-year period preceding the grant date.
Schedule of Compensation Costs by Plan for Share-based Payment Arrangements	The total PSU expense and associated tax benefit for all outstanding awards for the three months ended May 27, 2016 and May 29, 2015 are as follows: Three Months Ended Performance Units May 27, May 29, Expense $ 2.2 $ 2.5 Tax benefit 0.8 0.9
Schedule of Performance Unit Awards Activity	The PSU activity for the three months ended May 27, 2016 is as follows: Maximum Number of Shares That May Be Issued Under Nonvested Units Total Weighted-Average Grant Date Fair Value per Unit Nonvested as of February 26, 2016 1,147,844 $ 20.66 Granted 379,600 16.33 Nonvested as of May 27, 2016 1,527,444 $ 19.59
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Compensation Costs by Plan for Share-based Payment Arrangements	The RSU expense and associated tax benefit for all outstanding awards for the three months ended May 27, 2016 and May 29, 2015 are as follows: Three Months Ended Restricted Stock Units May 27, May 29, Expense $ 6.7 $ 6.1 Tax benefit 2.4 2.2
Schedule of Restricted Stock Unit Awards Activity	The RSU activity for the three months ended May 27, 2016 is as follows: Nonvested Units Total Weighted-Average Grant Date Fair Value per Unit Nonvested as of February 26, 2016 1,638,888 $ 18.45 Granted 832,663 14.80 Vested (1,250 ) 18.32 Forfeited (19,792 ) 17.16 Nonvested as of May 27, 2016 2,450,509 $ 16.56

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	May 27, 2016
Reportable Segments [Abstract]
Schedule of Segment Reporting Information	Revenue and operating income (loss) for the three months ended May 27, 2016 and May 29, 2015 and total assets as of May 27, 2016 and February 26, 2016 by segment are presented below: Three Months Ended Reportable Segment Statement of Operations Data May 27, May 29, Revenue Americas $ 520.4 $ 519.7 EMEA 125.3 119.9 Other 73.1 65.9 $ 718.8 $ 705.5 Operating income (loss) Americas $ 46.6 $ 54.1 EMEA (6.2 ) (13.5 ) Other 2.2 0.9 Corporate (9.3 ) (8.0 ) $ 33.3 $ 33.5 Reportable Segment Balance Sheet Data May 27, February 26, Total assets Americas $ 982.8 $ 981.1 EMEA 304.1 332.6 Other 182.0 179.9 Corporate 207.0 315.0 $ 1,675.9 $ 1,808.6

Restructuring Activities (Table

Restructuring Activities (Tables)	3 Months Ended
	May 27, 2016
Restructuring Activities [Abstract]
Schedule of Restructuring and Related Costs	Restructuring costs (benefits) are summarized in the following table: Three Months Ended Restructuring Costs (Benefits) May 27, May 29, Cost of sales Americas $ 2.6 $ 0.8 EMEA 1.6 3.1 Other — — 4.2 3.9 Operating expenses Americas — (2.8 ) EMEA 0.4 0.8 Other — — 0.4 (2.0 ) Total $ 4.6 $ 1.9
Rollforward of Restructuring Reserve	Below is a summary of the net additions, payments and adjustments to the restructuring reserve balance for the three months ended May 27, 2016 : Restructuring Reserve Employee Termination Costs Business Exits and Related Costs Total Reserve balance as of February 26, 2016 $ 10.0 $ 0.8 $ 10.8 Additions 0.4 4.2 4.6 Payments (1.1 ) (2.7 ) (3.8 ) Adjustments (0.2 ) — (0.2 ) Reserve balance as of May 27, 2016 $ 9.1 $ 2.3 $ 11.4

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	May 27, 2016	May 29, 2015
Earnings Per Share [Abstract]
Net income	$ 19.4	$ 20
Adjustment for earnings attributable to participating securities	(0.4)	(0.4)
Net income used in calculating earnings per share	$ 19	$ 19.6
Weighted-average common shares outstanding including participating securities (in millions)	121.7	124.4
Adjustment for participating securities (in millions)	(2.1)	(2.4)
Shares used in calculating basic earnings per share (in millions)	119.6	122
Effect of dilutive stock-based compensation (in millions)	0.5	0.9
Shares used in calculating diluted earnings per share (in millions)	120.1	122.9
Earnings per share, basic	$ 0.16	$ 0.16
Earnings per share, diluted	$ 0.16	$ 0.16
Total common shares outstanding at period end (in millions)	119.2	122.2
Anti-dilutive performance units excluded from computation of diluted earnings per share (in millions)	0.3	0.1

Accumulated Other Comprehensi24

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	May 27, 2016	May 29, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss	$ (39.6)
Other comprehensive income (loss) before reclassifications	3.7
Amounts reclassified from accumulated other comprehensive income (loss)	(1.3)
Total other comprehensive loss, net	2.4	$ (4.7)
Accumulated other comprehensive loss	(37.2)
Unrealized gain (loss) on investments [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss	0.6
Other comprehensive income (loss) before reclassifications	(0.1)
Total other comprehensive loss, net	(0.1)
Accumulated other comprehensive loss	0.5
Pension and other post-retirement liability adjustments [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss	10.7
Other comprehensive income (loss) before reclassifications	(0.6)
Amounts reclassified from accumulated other comprehensive income (loss)	(1.3)
Total other comprehensive loss, net	(1.9)
Accumulated other comprehensive loss	8.8
Foreign currency translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss	(50.9)
Other comprehensive income (loss) before reclassifications	4.4
Amounts reclassified from accumulated other comprehensive income (loss)	0
Total other comprehensive loss, net	4.4
Accumulated other comprehensive loss	$ (46.5)

Accumulated Other Comprehensi25

Accumulated Other Comprehensive Income (Loss) Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	May 27, 2016	May 29, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	$ (39.6)
Other comprehensive income (loss) before reclassifications	3.7
Amounts reclassified from accumulated other comprehensive income (loss)	(1.3)
Net current period other comprehensive income (loss)	2.4	$ (4.7)
Accumulated other comprehensive loss	(37.2)
Cost of sales	484.8	485
Operating expenses	196.1	185.1
Income tax expense	12.3	11.5
Net income	19.4	20
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	(1.3)	(1.2)
Unrealized gain (loss) on investments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	0.6
Other comprehensive income (loss) before reclassifications	(0.1)
Net current period other comprehensive income (loss)	(0.1)
Accumulated other comprehensive loss	0.5
Pension and other post-retirement liability adjustments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	10.7
Other comprehensive income (loss) before reclassifications	(0.6)
Amounts reclassified from accumulated other comprehensive income (loss)	(1.3)
Net current period other comprehensive income (loss)	(1.9)
Accumulated other comprehensive loss	8.8
Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	1	0.8
Foreign currency translation adjustments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	(50.9)
Other comprehensive income (loss) before reclassifications	4.4
Amounts reclassified from accumulated other comprehensive income (loss)	0
Net current period other comprehensive income (loss)	4.4
Accumulated other comprehensive loss	(46.5)
Actuarial losses (gains) [Member] | Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	(0.1)	0.1
Operating expenses	0	0.2
Prior service cost (credit) [Member] | Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	(1)	(1.1)
Operating expenses	$ (1.2)	$ (1.2)

Fair Value Narrative (Details)

Fair Value Narrative (Details) - USD ($) $ in Millions	May 27, 2016	Feb. 26, 2016
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 299.2	$ 299.1
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 334	$ 326

Fair Value Hierarchy of Assets

Fair Value Hierarchy of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	May 27, 2016	Feb. 26, 2016
Asset-backed Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	$ 4.4
Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	133.4	$ 181.9
Restricted Cash and Cash Equivalents	2.5	2.5
Assets, Fair Value Disclosure	137.7	192.6
Liabilities, Fair Value Disclosure [Abstract]
Foreign exchange forward contracts, Liability, Fair Value Disclosure	0	0
Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	1.8	8.2
Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Auction Rate Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Canadian Asset Backed Commercial Paper Restructuring Notes [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Restricted Cash and Cash Equivalents	0	0
Assets, Fair Value Disclosure	21.4	80.8
Liabilities, Fair Value Disclosure [Abstract]
Foreign exchange forward contracts, Liability, Fair Value Disclosure	(2.4)	(3.3)
Liabilities, Fair Value Disclosure	(2.4)	(3.3)
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	6.6	31.7
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	5.3	34.7
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	4.4	9.2
Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0.3	0.3
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	1.6	1.8
Fair Value, Inputs, Level 2 [Member] | Auction Rate Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Canadian Asset Backed Commercial Paper Restructuring Notes [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	3.2	3.1
Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Restricted Cash and Cash Equivalents	0	0
Assets, Fair Value Disclosure	4.2	4.4
Liabilities, Fair Value Disclosure [Abstract]
Foreign exchange forward contracts, Liability, Fair Value Disclosure	0	0
Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Municipal Bonds [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	4.2	4.4
Fair Value, Inputs, Level 3 [Member] | Canadian Asset Backed Commercial Paper Restructuring Notes [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0	0
Estimate of Fair Value, Fair Value Disclosure [Member]
Assets, Fair Value Disclosure [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	133.4	181.9
Restricted Cash and Cash Equivalents	2.5	2.5
Assets, Fair Value Disclosure	163.3	277.8
Liabilities, Fair Value Disclosure [Abstract]
Foreign exchange forward contracts, Liability, Fair Value Disclosure	(2.4)	(3.3)
Liabilities, Fair Value Disclosure	(2.4)	(3.3)
Estimate of Fair Value, Fair Value Disclosure [Member] | Corporate Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	6.6	31.7
Estimate of Fair Value, Fair Value Disclosure [Member] | US Government Agencies Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	5.3	34.7
Estimate of Fair Value, Fair Value Disclosure [Member] | Asset-backed Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure		9.2
Estimate of Fair Value, Fair Value Disclosure [Member] | US Government-sponsored Enterprises Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	1.8	8.2
Estimate of Fair Value, Fair Value Disclosure [Member] | Municipal Bonds [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	0.3	0.3
Estimate of Fair Value, Fair Value Disclosure [Member] | Foreign Exchange Contract [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	1.6	1.8
Estimate of Fair Value, Fair Value Disclosure [Member] | Auction Rate Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	4.2	4.4
Estimate of Fair Value, Fair Value Disclosure [Member] | Canadian Asset Backed Commercial Paper Restructuring Notes [Member]
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities, Fair Value Disclosure	$ 3.2	$ 3.1

Fair Value Reconciliation of Ch

Fair Value Reconciliation of Changes in Level 3 Balances (Details) - Fair Value, Inputs, Level 3 [Member] - Auction Rate Securities [Member] - Fair Value, Measurements, Recurring [Member] $ in Millions	3 Months Ended
	May 27, 2016USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at the beginning of the period	$ 4.4
Unrealized loss on investments	0.2
Balance at the end of period	$ 4.2

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	May 27, 2016	Feb. 26, 2016
Inventories [Abstract]
Raw materials and work-in-process	$ 80	$ 80.4
Finished goods	94.8	96.9
Inventory, net of valuation allowances	174.8	177.3
LIFO reserve	17.9	17.9
Inventory, net of valuation allowances and LIFO reserve	156.9	$ 159.4
FIFO inventory amount	$ 66.7

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended			12 Months Ended
		May 27, 2016	May 29, 2015	May 30, 2014	Feb. 26, 2016	Feb. 27, 2015
Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		$ 2.2	$ 2.5
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense		$ 0.8	0.9
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		1,147,844
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		379,600
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		1,527,444			1,147,844
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 20.66
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		16.33
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 19.59			$ 20.66
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		$ 6.7	6.1
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense		$ 2.4	$ 2.2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		1,638,888
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		832,663
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		1,250
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period		19,792
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		2,450,509			1,638,888
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 18.45
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		14.80
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value		18.32
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value		17.16
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 16.56			$ 18.45
2017 Performance Unit Award [Member] | Performance Units [Member] | Market Condition [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	[1]	0.90%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	[2]	31.20%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 16.33
2016 Performance Unit Award [Member] | Performance Units [Member] | Market Condition [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	[1]				0.80%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	[2]				29.40%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 24.15
2015 Performance Unit Award [Member] | Performance Units [Member] | Market Condition [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	[1]					0.70%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	[2]					42.20%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value						$ 23.25
2014 Performance Unit Award [Member] | Performance Units [Member] | Market Condition [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term				3 years
[1]	Based on the U.S. government bond benchmark on the grant date.
[2]	Represents the historical price volatility of the Company’s common stock for the three-year period preceding the grant date.

Share-Based Compensation Narrat

Share-Based Compensation Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	May 27, 2016	Feb. 26, 2016	Feb. 27, 2015
Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	1 year 11 months
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options	$ 8.4
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	379,600
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 16.33
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	2 years 1 month
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options	$ 14.2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	832,663
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 14.80
Restricted Stock Units [Member] | Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	168,200
2017 Performance Unit Award [Member] | Performance Units [Member] | Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	189,800
2017 Performance Unit Award [Member] | Performance Units [Member] | Market Condition [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Shares Issued	379,600
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 16.33
2017 Performance Unit Award [Member] | Performance Units [Member] | Market Condition [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned	0.00%
2017 Performance Unit Award [Member] | Performance Units [Member] | Market Condition [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Percent Earned	200.00%
2016 Performance Unit Award [Member] | Performance Units [Member] | Market Condition [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 24.15
2015 Performance Unit Award [Member] | Performance Units [Member] | Market Condition [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 23.25

Reportable Segments (Details)

Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	May 27, 2016	May 29, 2015	Feb. 26, 2016
Segment Reporting Information [Line Items]
Revenue	$ 718.8	$ 705.5
Operating income (loss)	33.3	33.5
Total assets	1,675.9		$ 1,808.6
Americas [Member]
Segment Reporting Information [Line Items]
Revenue	520.4	519.7
Operating income (loss)	46.6	54.1
Total assets	982.8		981.1
EMEA [Member]
Segment Reporting Information [Line Items]
Revenue	125.3	119.9
Operating income (loss)	(6.2)	(13.5)
Total assets	304.1		332.6
Other category [Member]
Segment Reporting Information [Line Items]
Revenue	73.1	65.9
Operating income (loss)	2.2	0.9
Total assets	182		179.9
Corporate [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	(9.3)	$ (8)
Total assets	$ 207		$ 315

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	May 27, 2016	May 29, 2015	Feb. 26, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 4.6	$ 1.9
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	10.8
Restructuring Additions	4.6
Restructuring reserve, settled with cash	(3.8)
Restructuring Reserve, Accrual Adjustment	(0.2)
Restructuring reserve, end of period	11.4		$ 10.8
Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	4.2	3.9
Operating Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0.4	(2)
Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	10
Restructuring Additions	0.4
Restructuring reserve, settled with cash	(1.1)
Restructuring Reserve, Accrual Adjustment	(0.2)
Restructuring reserve, end of period	9.1		10
Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning of period	0.8
Restructuring Additions	4.2
Restructuring reserve, settled with cash	(2.7)
Restructuring Reserve, Accrual Adjustment	0
Restructuring reserve, end of period	2.3		0.8
Americas [Member] | Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2.6	0.8
Americas [Member] | Operating Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	(2.8)
Americas [Member] | Employee Severance [Member] | Q1 2015 High Point Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	3.1
Americas [Member] | Other Restructuring [Member] | Q1 2015 High Point Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2.6
Restructuring and related cost, expected cost	4.2
EMEA [Member] | Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1.6	3.1
EMEA [Member] | Operating Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0.4	0.8
EMEA [Member] | Q1 2016 EMEA Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	11
EMEA [Member] | Employee Severance [Member] | Q1 2016 EMEA Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0.3		6.7
Restructuring and related cost, expected cost	7
EMEA [Member] | Employee Severance [Member] | Q3 2014 EMEA restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	17.5
EMEA [Member] | Other Restructuring [Member] | Q1 2016 EMEA Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs			$ 1.9
Restructuring and related cost, expected cost	4
EMEA [Member] | Other Restructuring [Member] | Q3 2014 EMEA restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1.6
Restructuring and related cost, expected cost	8.8
Other category [Member] | Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	0
Other category [Member] | Operating Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 0